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The Cpa Of The 21St Century

Business practices have changed during the past millennium
. Businesses have

evolved over time from bartering goods and riverside trading, to small local

stores, mega malls, and business over the Internet. Through all these

changes, companies needed to keep records of their equity, assets,

liabilities, and cash flows in order to remain competitive in their field.

Accounting standards have also changed over the years, through FASB, CAP, and

APB, issuing updated efficient standards called GAAP. Due to the drastic

changes in the business world, CPA requirements for the twenty-first century

are being updated to reflect current business demands; these changes will

affect undergraduates, graduate students, and professionals in the accounting

field.

Requirements for sitting for the CPA exam are changing in Ohio as well as in

other states. William Bentz, OSU Professor and Legislative Task Force Member

says, "A total of 41 states, including New York, Florida, Ohio, Illinois, and

Texas have passed similar legislation.1" The change requires candidates to

have 150 semester hours or 225 quarter hours, a college degree, and the

equivalent number of credit hours needed for an accounting major to sit for

the CPA exam. This requirement will begin in Ohio with the May, 2000

examination. Any candidate who began the CPA exam process on or before

November 1999 will be covered under the old exam requirements. However, in

order for candidates to be successful in the accounting field, further

education will be needed to adapt to changing business standards and to

compete with accountants who passed the exam under the new requirements.

There are many reasons for the implementation of the 225-hour requirement.

Donald Tidrick, Senior Lecturer University of Texas says, "In 1989 a

publication was issued from the Big Eight Accounting Firms to Higher

Education. The point of the publication was to inform higher education

personnel...